Brent printed $96.37 a barrel on November 14, up $0.57 on the day. WTI settled at $88.99, up $0.28. Both benchmarks rose, but Brent moved farther, dragging the spread past the $7 mark to $7.38.

A wider spread rewrites the delivered-cost math for our arbitrage book. SNSUC runs seven grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula — and most are priced off Brent or Dubai plus freight and insurance. When Brent firmed, North American buyers anchored to WTI looked cheaper, while Asian refiners kept their eye on Dubai/Oman premiums.

On the desk, a Basrah Light cargo to Qingdao is quoted around Brent minus $3.5, plus roughly $1.8/bbl of freight and $0.3 of war-risk premium. Delivered cost is up nearly $2 versus a week ago. A trader who hedges the currency but leaves the spread open eats that move on the wrong side.

The 17:26 print lifted another half-tick from the morning, a sign that money is still crowding into Brent. Tonight we watch whether WTI catches up; if the spread holds above $7.5, our arbitrage offers need a one-notch adjustment across the board.